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Lynbrook bought a new truck for $17,000 by making a down payment of $2,000 and issuing a 24-month, 12% installment note for the balance on
Lynbrook bought a new truck for $17,000 by making a down payment of $2,000 and issuing a 24-month, 12% installment note for the balance on April 1, 2021. The company will make monthly principal and interest payments of $706.10 at the end of each month beginning April 30, 2021.
Required: Prepare the journal entries required on the following dates (round to two decimals):
1. April 1, 2021
2. April 30, 2021
3. May 31, 2021
4. June 30, 2021
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